The rally is still looking like a 3 wave pattern. We should keep alive the possibility of a 5 wave move since our ST is still UP. This weeks close suggest that we will likely break the highs made 3 weeks ago in the SPX. With the weekly chart in OB territory it is also a possibility that we would make an ATH. Perhaps no one wants to have a red Thanks Giving holiday. Prices this week was just short of an engulfing candle, but remains bullish. The line the bears need to break now will be the 75 Weekly MA at 2036.
One thing to note is that the Russell and NYSE is lagging dramatically. This is worrying since this would indicate that the small caps are not participating and are weak while the market is only buoyed by the blue chips. The buy backs and this weeks IPO's have been through the roof. With these divergences, I don't see these index highs sustaining for much longer.
SEN: Bearish
ST: UP
PA: UP
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